The Selling Season in New York

Summer in New York is the season for construction, at least according to the co-op boards of Fifth Avenue. Adherence to strict rules and regulations governs the home life of even the most notable VIPs taking up residence on the aristocratic avenue, meaning that renovations plans can only occur in the dog days of the heated season.

Now that we are well on our way to experiencing the glories of 2009’s Indian summer, the transformation of some of the poshest addresses on the avenue have been completed and notable Wall Street executives are ready to christen their new abodes. However many are unable to do so without finalizing the sales of their current New York properties.

First up on the fall real estate listings is haute hedge funder John A. Griffin’s place. In December 2008 he spent $32.5 million at 1030 Fifth Ave. hoping to enjoy the leisures of the luxury lifestyle in his full-floor apartment up on the 10th floor. When Griffin purchased that particular property in Manhattan he was earning $625 million and rolling in at spot number nine on the list of top 10 hedge funders. The move to the 10th floor could be classified as a Jefferson’s style shift towards the sky, as he occupied an abode on the eighth floor of the same building with his wife for more than half of the current decade. Griffin and his wife Amy spent the summer overseeing renovations such as rebuilt baths and kitchen, as well as the addition of a gas-burning fireplace. While the Griffins spent $13.5 million on their eighth floor co-op residence, they are hoping to take advantage of Fed Chairman Ben Bernanke’s declaration that the recession is over and make a profit by “whisper-listing” it for $16.5 million.

Rupert Murdoch resides in Laurence Rockefeller’s former triplex at 834 Fifth Ave., the same building that houses Charles Schwab, Jr.  The financial guru has relocated within the same structure, first dwelling on the 15th floor before buying a larger ninth floor apartment for $27.7 million, after winning a bidding war that started at $16.5 million. Summer renovations saw the replacement of windows, the removal of bathtubs, and the introduction of new gas pipes. Taking quite the hit during the fall selling season, Schwab is now looking to unload the smaller 15th floor apartment for $14 million.

Via The New York Times